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A & L Online Saver Issue 6

Absinthe_Fairy
Absinthe_Fairy Posts: 635 Forumite
Part of the Furniture 500 Posts Photogenic Combo Breaker
in Savings & investments
Hey guys,

I've been looking at this account, and it says you have to deposit a minimum of £1,000 - but as far as I can tell, there is nothing to stop you taking £999 straight back out again. No interest penalty, nothing.

Am I right, or is there something I've missed?
Sealed Pot Challenge Number 1225
£365 in £365 Days 2013
No Buying Toiletries 2013

Comments

  • strawberrylane
    strawberrylane Posts: 253 Forumite
    Part of the Furniture Combo Breaker
    edited 9 December 2009 at 10:44PM
    you are correct.

    The t&cs state that the minimum opening balance is 1K but thereafter the minimum operating balance is just £1. This does not affect the interest rate and there is no penalty for this.


    Taken from the following link: http://www.alliance-leicester.co.uk/savings/interest-rates.aspx
    "The account must be opened with a minimum balance of £1,000 but thereafter interest will be paid on balances from £1 to £2,000,000."
  • mike88
    mike88 Posts: 573 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    What's the point? Are you looking for an account that generates the highest interest for £1.
    Take my advice at your peril.
  • Absinthe_Fairy
    Absinthe_Fairy Posts: 635 Forumite
    Part of the Furniture 500 Posts Photogenic Combo Breaker
    mike88 wrote: »
    What's the point? Are you looking for an account that generates the highest interest for £1.

    £20 cashback with TopCashBack ;)
    Sealed Pot Challenge Number 1225
    £365 in £365 Days 2013
    No Buying Toiletries 2013
  • atypical
    atypical Posts: 1,343 Forumite
    Part of the Furniture Combo Breaker
    Absinthe_Fairy wrote: »
    £20 cashback with TopCashBack ;)

    £20.20 with their Christmas 1% bonus promotion :p
  • Absinthe_Fairy
    Absinthe_Fairy Posts: 635 Forumite
    Part of the Furniture 500 Posts Photogenic Combo Breaker
    atypical wrote: »
    £20.20 with their Christmas 1% bonus promotion :p

    That extra 20p makes all the difference :p
    Sealed Pot Challenge Number 1225
    £365 in £365 Days 2013
    No Buying Toiletries 2013
  • strawberrylane
    strawberrylane Posts: 253 Forumite
    Part of the Furniture Combo Breaker
    What's the point? Are you looking for an account that generates the highest interest for £1.

    And what's the point of this reply?
This discussion has been closed.
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